1) For a little while I was convinced they were really going with the "The Island is Hell" story. Now, it seems, the Island is a bottle of wine...full of EVIL!
Jacob actually says that the Island represents the "cork" in his wine bottle analogy. Not the bottle.
Yeah, and that seems like a small difference, but I'd argue it's an important one. Basically, what we see of the man in black is simply the "tip" of what he could be. Only a small portion of him is on the cork, the rest would be in the rest of the bottle. What we've seen him do is only a small part of what he is.